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to a deal in washington today. you can tell from the sell-off, investors do not like it. >> no, posting their largest decline since november 14th, in case you were wondering. although we are off the lows of the session right now. the dow was down 189 two hours into the trading session. we've come off those lows. but at this point, the dow is down 1% for the week and we are down 1% today at 13,173. nasdaq lower, as well. let's see how many percentage points we're down right now. down 1.25%. the technology sector is taking a bigger hit today. down to 3,012 on the nasdaq and the s&p 500 index is down 1% at 1428. . >> house speaker john boehner says he's still open to a offer from the democrats. >> it was a dramatic evening last night. john harwood was there. he has the latest on the on talks. are there any talks, john? >> i think so. but they're pretty muted. this bill was not win of those weeks that makes washington look good. come to think of it, there aren't many weeks that make washington look good. but this was especially especially difficult because you had negotiations getting close
lunch." we have three major news conferences in washington, d.c. president obama will nominate senator john kerry to be his next secretary of state. harry reid will be on the senate floor and house minority leader nancy pelosi will discuss the cliff crisis. with plan b history, washington is scrambling to get a deal done. the markets however are decidedly worried. dow jones has been down triple digits almost all session. we are off our worst lefs, down about 174 point a few moments ago. down 152 on the dow. 17 to the minus side and nasdaq is off almost 40. let's go to washington where john har wood is standing by with the latest on the fiscal cliff follies. john? >> all follies so far, sue. we had house speaker john boehner come out today and have a news conference explaining the failure of his plan b last night which stunned a lot of people because both boehner and eric cantor majority leader said they were confident they had the most to pass it. what he said today at a news conference is that there were members who had a perception which he said was incorrect. it would raise taxes. t
are always relatively optimistic about the economy, but even after last night and what we in washington? >> sure. you know, yes, the fiscal cliff is coming. we have known him for a long time. the dow is still over 13,000. it is not just because the market thinks we have the great deal ever. tax rates will go up. we will have deficits, as far as the eye can see. by the way, we had pretty darn good news on personal income and spending and durable goods today. the economy is hanging in there, as well. connell: i thought it would be interesting to watch the close, because to me, maybe a deal is more likely after last night because the speaker, if anything, lost his leverage. how do you view that part of it? >> in the end, there is really an infinite number of outcomes. we believeethere is really just about 25% chance that we just go over the cliff unimpeded. the sequestration happens and all of the tax hikes. some kind of deal will probably get done. if the house were to pass that bill, it could go into law. it would keep dividend and tax rates from going higher. they just cannot reach a de
live. melissa: we start tonight with breaking news. it has been a tumultuous day in washington. both sides apparently in a total deadlock in the fiscal cliff negotiations. president obama is expected to make a statement on where things stand at any moment here. and with a preview we have fox businesses peter barnes. he is at the white house. peter what do we expect to hear? >> well, melissa, right now the president is finishing up on meeting with senate democratic leader harry reid who came down here to try to talk with the president with some strategy moving forward to avert the fiscal cliff. we expect the president to say that he still wants to get a deal with republicans to do that. that is still going to be time. however, that they will have to do it after the christmass3 holiday. the president plans, is planning to go to hawaii for christmas with his family. speaker boehner has left town. gone back to ohio. for the holiday. the senate is expected to come back on, on december 27th, the thursday next week, which is the earliest that they would be expected to get back to work on th
the fiscal cliff. not just yet. they have not come to a solution in washington. that is front and center. we are also seeing a flock to the area that are safe. the dollar is higher. gold is higher. we are also -- there is a look at the dow jones one week. last friday we close that 13,135. we are still actually of about 30 points for the week. that is if we were to close right here. for right now, certainly, read on the screen because there is so much concern about washington. melissa: thank you so much. many believe the speaker in the senate, but it did notie -@even make it through the house last night. i next asked is not confident it will happen within the next year. >> we will see what the president says. after what has happened this week, it is not clear what the way forward is. it is more likely than not that we will grow into january without a deal. melissa: what does that really mean for the economy? >> it is to businesses to decide when they change their holdings. there is some spending programs that will be extended. they are uncertain about the outlook. there are a variety of ways
is that? tom foreman is in washington to speculate. good morning. >> reporter: hi, carroll. we don't know what that means. there's been speculation it will have something to do with mental health issues because certainly at a lot of local levels people talked about that on the republican side. people on the conservative side saying that has to be addressed as much, perhaps more than the gun issue itself. so we're expecting that may be the direction to go but the truth is we don't really know. what we do know is that the nra was quiet immediately after this. they often are after such incidents and they usually say as they did this time out of respect for the community and the family involved but now that a little bit of time has passed what we would certainly expect here is that there would be a clear message to the white house and to others which is be careful about overreacting at this point because the nra will push back and certainly they have proven that politically they have the power to do it not only nationally but certainly at the state level. carol? >> tom foreman reporting live
for staying with us for the next hour. do you want to know what just happened tonight in washington? do you want to know what just happened, with congress just unexpectedly imploding and the republicans in congress dissolving into a huge internal fight, including screaming matches within their own caucus and all of a sudden they're just turning off the light and abandoning what they were doing and nobody really knows why and nobody knows what happens next? do you want to know how we got here and why this just happened and why it's reallhere. okay? this is jim demint. jim demint was re-elected senator for south carolina not this past election, 2012, but in 2010. you might remember he was the guy who had the good fortune in 2010 to be running against a young man named alvin green on the democratic side. it was not a hotly contested race. mr. did emint won by 34 points. and that freed him up to spread a bunch of his own campaign cash and his own energy that year on other campaigns and other candidates that he favored. and that has been the way that jim demint has built his influence in politic
about it. the only thing being we're relying on our leaders in washington to try to craft some sort of solution. >> did you have quotes around the word leader then? i'm only watching your lips. if you were to type that, would there be quotes around leaders? >> yes. >> thank you. i rest my case. >> i'm willing to take those quotes off. >> if they show that they are truly leaders without quotes. >> i come to work every day, my tallahassee paycheck, still in my wallet. i was a reporter. i made $137 a week. and if i had seen that go down to 127, i would have been angry. that was my subsistence. there are people who play for dinner in this country and their subsistence are on the line and they're going to be furious. but they're not going to get furious until they see their paycheck. >> it's going to impact gdp in the first quarter, and the second quarter. americans are feeling like they're protected from the democrats? because they're in lower income households? but they won't be. their paychecks will be less because the payroll tax cut will be gone. the amt, also gone. that will affect
in washington. not only sales of existing homes are higher, gdp grew at 3.1%, the fastest rate, much faster rate than first reported. and well over the second quarter growth rate just over 1%. investors welcoming the good news. the s&p up eight, nasdaq six. 3.6 million shares traded on the big board. two sides to watch tomorrow. research in motion, which after the bell reported smaller losses and larger gross margins. and athletic shoemaker nike bringing in $1.14 per share expectations. nike up in the session, and up in after-hours trading as well, the market up again, 10 year treasury yield of 1.80%. existing home sales up almost 6% last month at a seasonally adjusted rate just over 5 million, that is the highest level since november 2009 when buyers were rushing to close deals in order to benefit from a federal tax credit. remember those days? november sales up more than 14% from a year ago. joining us now, richard smith. first i say welcome to you, richard. good to see you. i have good knowledge to the audience i do own stock and make that very clear, this does not happen very often, but it d
live to washington. the very latest details. >>> and michael phelps' pick for the athlete of the year. this is a surprise. this guy, he never wins anything. good morning. welcome to "early start," everyone. i'm john berman. >> i'm zoraida sambolin. it's nice to have you with us. it is early, 5:00 a.m. in the east. the fury of the first winter storm is making holiday travel very difficult if not impossible. today new england is expected to get slammed by that storm. at least seven traffic-related deaths in four states are blamed on this crazy severe weather. as the storm barrelled through the plains and the great lakes, more than a foot of wet, heavy snow fell in parts of iowa and wisconsin. there were hundreds of flights canceled right at the height of the holiday travel, as you very well know. check this out. power lines sparking. look at that. and snapping. >> holy -- wow. >> and the storm's worst, 400,000 power customers in the region had no electricity. that number was down to 133,000 by yesterday afternoon. rob marciano, you are busy tracking it all at the cnn weather center in a
. joining us now from washington, d.c., a conservative advocacy group, president of the media research center. you are lined up with president president obama on this one. >> i am lined up with ronald reagan on this one. this is an awful policy. the reason there is disarray is because everybody knows it is awful policy. they have inted themselves into a corner, it is their fault, of the speakers making, and now is telling hi congress they have to support a tax increase, which is analogous to cutting their own throats politically. lou: the all-time animal on tax increases, and republicans for tax reform, grover norquist says go for it. chamber of commerce, conservative business group, they even say go for it. they understanunderstan d it is not the perfect solution, but it is compromise and this is politics. >> 30 other conservative organizations, all of whom signed off on the opposition to this saying this is terrible policy, this corrects nothing, this is a tax increase in what we need to be focusing on spending cuts every single person in town knows. lou: in all due respect, i under
week. that gives them precious little time to hammer out a deal. >> doug luzader in washington, thank you. >> that brings us to today's look who is talking. we are talking to speaker -- former speaker of the house. >> the pressure is now they say on the president to get a deal done by the end of the year. listen to this. >> any democrat who thinks this president can avoid responsibility for the economy in the second term completely miss understands american history. he got away with blameling george w. bush for the first time. this is now going to be obama's economy. if it goes sour it will be obama's failure when it goes south. i think president owe bhaum has been such an orator, a lecturer, so much a guy at the center of things and so much power with pelosi and reed in the first two years he really has not gotten the rhythm. he and boehner should be meeting for hours and hours and hours. we calculated president clinton and i met for 35 days all together because you got to listen to each other. you dgot to say look, this is what i got to get this is what i can't do. is there some pla
>> steve: you have a schism in the republican party. they went to washington. look they are not going to raise on anybody and we'll cut thengs . you have the other faction . republican party saying look, we didn't do so well in the last election . we have to compromise with the president to get something done . that's why john boehner said i don't have a votes mr. #2: if you give me plan b i am vetoing in. republicans were saying we are giving you something and go home. they decided plan b will not pass . they are not coming back until after christmas. mr. boehner said i tried. you cut a trial. newt kning rich sat down with bill clenton and 30 days of one and one negotiation . he said it is time to go back to that. >> my advice to them have every single committee starting january 3rd hold hearings on every lempt waste in the federal government . let the country see all of the different ways to waste money to peck up on can congressman cantor. speaking is the problem and drive issue after issue . we would like to fix the tax rates, and any time the president and democrats want to talk
with our xaernt washington correspondents. good morning, john. were you up all night? >> not all night, but we stayed on, of course, until 9:00 after it was clear that the house alternative had collapsed. but, joe, i was listening to your conversation earlier. this is not about the far left and the far right. this is about the republican party not being able to get its act together and figuring out and strategy and pursuing a strategy. >> i watched the press conference yesterday. all the reporterses, all the mainstream media reporters were saying, mr. boehner, why are you going through this exercise? this is an exercise in futility. why are you doing this? why even hold the vote? and then he can't do it and now all of you are going, see, see, you can't even do it. >> but it does raise questions about what this means for -- >> joe, it's not about the mainstream media. it's about the inability of this republican party to face the -- face political reality. the president was re-elected. his positions are much more popular where the country than theirs. they are locked into a caucus in the
a real cliffhanger. members of the house are now leaving washington, now that a republican plan offered by house speaker john boehner, called plan b, was put aside. it simply did not have enough support to pass. boehner's plan would have raised taxes on those earning more than $1 million a year. after pulling the bill, boehner said it's now up to president obama and the senate to find a way to avoid the cliff. so there's no way to get a plan through the house based on republican support. that is the political lesson from this. but the day before, they said this is going to pass and then yanked it because the support in that chamber was not there. so i don't know quite where it goes from here. no one does. and now it's time for christmas break. so they get back and have less than a week to get something done before january. >> and the president isn't going to hawaii now, right? >> the last i heard, it was still up in the air. you can't imagine he would have a vacation now. or any of them shouldn't have a vacation now. but we don't know. so cliff hanger is the right word for sure. >>> now
. washington correspondent. what did the president have to say moments ago? >> john boehner did say that this would be a cooling off period. maybe they would have some time to reflect here. the president said that he did speak on the phone to speaker john boehner this afternoon. he also had majority leader harry reid to avoid the fiscal cliff and figure out a passport. he said he is ready and willing to try to get a compromise package done. all at once or stuff like that. but we'll have to wait until after the holiday. the president planning to hold out for the holidays, and congress is out for the holidays. the president saying that putting pressure began on republicans, house republicans, to least extend tax cuts for the middle class. that would be the step by scratch in transit approach and he is speaking to constituents back home who he hopes will give feedback to members of congress while they are there for the holiday to try to get them to agree or get back to the table to negotiate something. gerri: if it were up to me, i say that they work until they get their work done. tha
in washington. a rough friday before christmas. is the fiscal cliff already here? >>> church bells will ring 26 times for the victims in sandsy hook. one week after the terrible tragedy. >>> friday, december 21st. "starting point" begins right now. >>> good morning, a major political blow for house speaker john boehner, one that will affect his position. house republicans abandons him, and it forced the speaker to cancel a vote on plan "b" which would have extended bush tax cuts on incomes below $1 million. congressional correspondent dana bash there was and watched it unfold. walk us through what happened? >> it really was stunning. that is the perfect word, soledad. i was watching all day, talking to republicans to try and figure out if the speaker had the votes. really hard to imagine he was so far out. so far out on this being a strategy. republicans want to prove that they won't let things go up. i was watching earlier votes. watching the speaker's team on the floor, trying to twist arms and trying to get republican votes, and clear from the expressions on their faces it was not going well
. john: you fly them to washington d.c. because? >> the world war ii memorial was not built until 2004. of the last of the memorial's. 65 years later by that time the veterans are in their 80s or 90s and did not have the means financially are physically to make it. john: very few have seen it. >> amazingly many veterans have not flown since world war ii. honor flight completely raise as the money and wanted to thousand veterans have had a chance to see their memorial. >> it is to say o a veteran thank you even after 70 years we know what you did and to give someone that gift is amazing. john: you hear about this and you make a movie posted a reason dot com? >> my business partner posted the video on veterans day 2009. it bought 35,000 views but more e-mails than ever before to people say i am crying. this reminds me of my father or grandfather and what it means to be an american. we had to make a bigger move the. the next thing we knew we quit our jobs, restarted a company to make the film and once you go on the flight you understand. we released the trailer we asked to get 50,000 by
of the market is much better than the tone out of washington. like i said, there's always ait. right here on "mad money." i'm jim cramer and i'll see you tomorrow. >>> good evening, everyone. i'm larry kudlow. so a crucial moment for our economy and for our right to bear arms. high drama on capitol hill right now as house republican speaker john boehner looks to pass his plan b fiscal cliff bill in a million dollar tax threshold. votes aren't there yet. that's why we are following this live through the whole thing this evening. >>> and as the president's new anti-gun violence task force starts work, we learn that now outside experts have yet joined that panel. meanwhile, the debate on gun control rages across the country. tonight we will hear from outspoken tv host piers morgan and former new york mayor rudolph giuliani. "the kudlow report" begins right now. >>> first up, the latest on the vote of plan b. the plan b bill sponsored by john boehner that may decide how deep into january they have to go for a solution. may decide the fate of the economy and the stock market and decide the fat
and it is a busy day in washington, d.c. the president just made his announcement that senator john kerry of massachusetts is his choice to succeed hillary clinton as secretary of state. but his business yea day started with a moment of silence to remember the victims at sandy hook elementary school in newtown, connecticut. from wall street to main street, millions of americans stopped to remember the 20 children whose precious lives were so senselessly cut short in a high-tech hail of bullets. [ bell tolling ] they stopped to remember the children, chase, charlotte, daniel and caroline among them who won't be celebrating christmas next week or ever again. their loss and the painful thought of the lives that might have been have rekindled a call to action against guns that politicians in both parties have muzzled for 20 years. and as americans mourned and strengthened their resolve to put an end once and for all to the slaughter of the innocents, the nra broke its silence with a diatribe dressed up as a press conference from the nation's number one apologist for gun violence. >> vicious,
, houston, we've got a problem. washington we have a very g problem. not voting on plan b . it must have gone behind the 20 votes that were expected to be lobbed off from speaker boehner's cotroying get that. it makes you wonder how many were part of this avalanche that told the speaker, no way in heck we're going for this. have is the stance we're looking at. it will not be resolved tomorrow. this week. or next week. because remember, you have christmas next week. chances are, knowing these guys as i did do, they will not be keen to work christmas eve, and christmas day, that takes us to next wednesday, only a little more than a week ahead of the government possibly hitting a cliff. are you surprised? not at all. a great tragic comedy, neil, they will keep you in a job for the rest of yourife reporting on that. neil: i am not too shocked. i thought this dismissive you, that house leadership had of their rumbling ranks they would swallow this, i didn't see it, a lot of these tea party congressmen, 80 some odd that help propel john boehner to speaker got alleged against having to do the -
never know what will come out of washington. the twenty-seventh is when we will hear something but the uptick we saw on the close, also induce a triple witch which is the futures expiration for december. other than that light volume, we have some potentially big market moving news and whatever happens in washington and who knows? liz: will be a big holiday week for the markets. dave: thank you. liz: can never take a break. shares of under are rising today. one of the few retailers that has done pretty well. let's head to nicole petallides on the floor of the stock exchange. nicole: 3-1/3% for under armor. this is a clear winner when you talk about vince in people where, under armour is doing well because nike came out and nike reported strong sales, athletic apparel is hot and under armour is one of the beneficiaries of that. when you talk about nike, bring it close, up 6% so nike was a real winner and they talk about demand going forward topping estimates so obviously both nike and under armour, a great day on a day when we saw a lot of selling. dave: have a good weekend. repu
that in just a couple minutes from now but first, washington can't get its act together, no vote on john boehner's plan b and it is costing you money. stocks sell off and your taxes are likely to go up as of january 1st. here is our friday morning co. on this cliff diving day. gerri willis is here, charles payne, nicole petallides on the floor of the stock exchange. here comes john boehner to address the cameras about the collapse of his plan b. >> will will will of the house. unless the president and congress take action tax rates will go up on every american taxpayer and devastating defense cuts will go into effect in ten days. the house has already passed bills addressing the fiscal cliff. perhaps replacing the president's sequester with responsible spending cuts and did it last may. we passed a bill to stop all the tax hikes on the american people to take effect jan. first and we did that on august 1st. we propose plans over and over again that democrats used to support but now they won't. i don't want taxes to go up, republicans don't want taxes to go up but we only run the house. d
. 11:00 p.m. tonight we have the rain line in the north bay watch washington the computer animation is going do. wide spread rain for the morning commute. morning drive will feature a rough ride with the wind kicking up as we head into 7:00 a.m. the front hasn't moved much. at 9:00 a.m. it's barely moving. see moderate rainfall around the santa cruz mountains. in the afternoon this front stalls out so the moisture is right over the bay area. 5:00 p.m. evening event away. holiday travel plans will be slow. next batch saturday morning could be possibility of thunder with the system scattered showers on saturday. more rain on sunday. all said and done north bay mountains up to 8 inches this of rain into sunday 4:00 p.m. santa cruz mountains up to 6 inches. 3 to 6 inches in the north bay. 2 to 4 in the peninsula. urban small stream flooding likely but the rivers major rivers should be fine. watch out for down tree and power lines. we have a wind advisory for the north bay mountains and coast until 4 a.m. tomorrow. peninsula coast san francisco peninsula coast until 10
developments out of washington today, when it comes to the white house coverup of the benghazi terrorist attack that killed four americans on september 11. a state department official admits that cables warning about serious security concerns went to the highest levels of the state department and possibly seen by the secretary of state hillary clinton. now, here's how we learned all of this. secretary clinton was supposed to testify before lawmake ors capitol hill earlier today. but due to a so-called concussion, she was forced to reschedule. deputy secretary of state william burns went in her place. during his testimony, burns acknowledged these cables actually existed and went all the way up the chain. watch this. >> the department review was briefed on the cables sent from the post in june and august of 2011, regarding the security situation, to what level did those cables get reviewd? >> well, they certainly would have been reviewed up through assistant secretary and maybe some of my colleagues on the seventh floor saw them as well. >> sean: guess who sits on the seventh floor? secretary of
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